Vice President Hamid Ansari will call an all-party meeting to decide on the issue once Lok Sabha Speaker Meira Kumar returns from Rome, inside sources said.
Following the top party leaders' much publicised economy class flights and train rides, the UPA had requested Rajya Sabha and Lok Sabha chairpersons to convince all MPs to join the austerity drive.
The chairman of the Rajya Sahba and the Lok Sabha speaker are expected to hold a discussion on the austerity drive.
The move to adopt austerity guidelines comes in the wake of the country experiencing a crippling draught.
The Congress party has already advised its ministers and legislators to donate 20 per cent of their salary towards draught relief.
They have also been told to travel economy class and not hold press conferences in five-star hotels.