Dear Sandeep,
" Minimum wages "normally refers to the minimum wages fixed by the appropriate Governments viz., the Central and State Governments for the respective scheduled employments earmarked to them under the Minimum Wages Act,1948 and as such they are the statutory minimum wages. In general, statutory minimum wages comprise of two components only viz., basic and dearness allowance which is linked to some Cost of Living Index. But the definition of the term "wages" u/s 2(h) of the MW Act,1948 includes all remuneration payable under the contract of employment including house rent allowance while excluding certain specific payments under the heads enumerated in item no.(i) to (v) of the definition. Therefore, the parity of your industry wages with the statutory minimum wages is to be determined by subtracting the excluded items, if any from the gross salary of your employees.