Dear Nihal,
Now a days, in the IT revolution there are no restriction under what heads the salary/compensation package should be based. Salary structure is based on various disciplines and competency, fitted into a time scale say, starting salary and maximum salary in the time scale for different groups. If you have diff.depts. then all the HODs then Sr.Management, Middle Mmt., Jr.Mmt. etc. I am not sure your Rs.50000/- is only the Basic + Allw. or what we call as CTC. Now a days CTC is the trend to attract many candidates. As you know CTC include PF, LTC, Medical Allw, gratuity, leave salary etc. by which a very high fig. is shown to the candidate, whereas the take home or monthly salary bill shows half of it. However here are some suggestions.
Generally followed:Basic + DA+city compensatory allw. + conveyance allw + medical allw + lunch allw.+ production linked incentive bonus etc. Some estt. also add Uniform allw on monthly basis. You may distribute the total emoluments among these items and decide. Why don't U refer your co's past structure for this purpose?
Kumar