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."
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?