Although the Basic+DA is higher than minimum wages presently, however, you can not reduce it now since it has implication on PF contributions that can not be lowered. Future increase may be distributed in HRA, other allowances etc.
It is always preferrable to maintain the Basic +DA as per the government declarations. It limits the stautory liability of the employer under various legislations like PF, Bonus, Gratuity etc and if the employer has additional paying capacity he can definitely inculde break up of salaries like HRA, Conveyance etc. These allowances can be increased or decreased but a basic and DA fixed at a higher level cannot be decreased.
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