As far as I understood that of the above example (of Rs.5500/- as minimum wages), the wages can be split into components like Basic, HRA and conveyance and the total may be on par with Rs.5500/- or above. In this case, the employer would have fulfilled the requirement of Minimum Wages notified by Govt.
On the other hand, if govt. announces Basic Rs.3500, and VDA Rs.2000 the total arrive at Rs.5500/-, is this OK to split the salary like this: Basic Rs.2000; HRA, 2500/-; Conveyance Rs.800/- and Attendance allowance Rs.200/- and thus arriving at Rs.5500/- p.m. and ultimately paying them Rs.5500/- (or you can design in such a way to pay more too).
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