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Reform the National Minimum Wage to allow profit-share enterprises

Comment 18th July 2010

Simply that the burden of paying the National Minimum Wage should be lifted from enterprises where the Employee or Worker has a share in any profits or gross earnings of that enterprise.

Why does this matter?

This exemption from the National Minimum Wage already exists – but only for Share Fishermen! Under Section 43, a Share Fisherman who is

"remunerated, in respect of that employment, only by a share in the profits or gross earnings of the vessel, does not qualify for the national minimum wage in respect of that employment."

http://www.opsi.gov.uk/Acts/acts1998/ukpga_19980039_en_3#pb14-l1g43

No-one has reported any detrimental effects in the fishing industry in the past 11 years of this exemption being in effect. 

Given the effects of the financial crisis – with banks reluctant to lend; an increasing risk aversion in, and shortage of, venture capital; and a ready supply of unemployed or underemployed people – it makes perfect sense to facilitate enterprise in this way.

Why not allow people to better their lives by developing their skills, stay engaged in productive activity and share in any fruits of their labours in an equitable spirit of freely-undertaken collaboration?

 

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