From October, the minimum rate of pay for adult workers will rise from £5.52 per hour to £5.73, while for 18 to 21-year-olds it will rise from £4.60 to £4.77.
Simon Briault, a spokesperson for the FSB, said that unlike previous increases, the latest rise has been "pretty much in line with inflation", which SMEs believe is "sensible".
"The Low Pay Commission seems to have come round to a more stable approach to increases in the minimum wage and that’s something that we think most small businesses are happy with," he remarked.
And he was quick to point out that the "vast majority" of small employers already pay their staff more than the minimum wage.
Meanwhile, the Independent has launched a campaign to close a loophole in minimum wage legislation that allows restaurants to top up pay to the nationally-set minimum with tips and services charges.
The newspaper reports that restaurant chain Wagamama has signed up to the campaign.
