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Run
Yes, run. That is about $1.6K annually. Clearly not a promotion level raise.
Assume you work 40 hr. /week and 52 weeks / year (assuming you get paid the same on vacation as you do on work days.
You mention it is $0.80 raise, so obviously that is an hourly increase.
$0.80 x 40 x 52 = $1,664 (before taxes)
Find something better
Run
Negotiate and look.