U.S. workers can expect modest pay raises averaging 2.8 percent in 2012, according to a survey released today by Buck Consultants, a division of Xerox. That compares to a 2.7 percent increase in 2011 and a 2.9 percent increase in 2010.

“Our research into pay practices reveals that most employers plan to hold the line similar to 2011,” said Stephen Mork, principal at Buck Consultants. “Given the slow economic recovery and stubborn unemployment rate, organizations are taking a cautious and conservative approach to compensation planning to stay within their payroll budgets.”

The survey includes responses from more than 280 employers.