Yes, RAISES is a Scrabble word!

Letter values in Scrabble US: R 1, A 1, I 1, S 1, E 1, S 1.

Is it a valid word?

RAISES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

raise the level or amount of something
raise from a lower to a higher position
cause to be heard or known; express or utter
collect funds for a specific purpose
cultivate by growing, often involving improvements by means of agricultural techniques
bring up
summon into action or bring into existence, often as if by magic
move upwards
construct, build, or erect
call forth (emotions, feelings, and responses)
create a disturbance, especially by making a great noise
raise in rank or condition
increase
give a promotion to or assign to a higher position
cause to puff up with a leaven
bid (one's partner's suit) at a higher level
bet more than the previous player
cause to assemble or enlist in the military
put forward for consideration or discussion
pronounce (vowels) by bringing the tongue closer to the roof of the mouth
activate or stir up
establish radio communications with
multiply (a number) by itself a specified number of times: 8 is 2 raised to the power 3
bring (a surface or a design) into relief and cause to project
invigorate or heighten
put an end to
cause to become alive again

Also: wage hike, wage increase, salary increase, get up, bring up, conjure up, call down, put forward, call forth, set up, put up, kick upstairs.