Phase Change Memory (PCM) is one of the most promising candidates to be used at the main memory level of the memory hierarchy due to poor scalability, considerable leakage power, and high cost/bit of DRAM. PCM is a new resistive memory that is capable of storing data based on resistance values. The wide resistance range of PCM allows for storing multiple bits per cell (MLC) rather than a single bit per cell (SLC). Unfortunately, higher density of MLC PCM comes at the expense of longer read/write latency, higher soft error rate, higher energy consumption, and earlier wearout compared to the SLC PCM. Some studies suggest removing the most error-prone level to mitigate soft error and write latency of MLC PCM, hence introducing a less dense memory called Tri-Level memory. Another scheme, called M-Metric, proposes a new read metric to address the soft error problem in MLC PCM.In order to deal with the limited lifetime of PCM, some extra storage per memory line is required to correct permanent hard errors (stuck-at faults). Since the extra storage is used only when permanent faults occur, it has a low utilization for a long time before hard errors start to occur. In this article, we utilize the extra storage to improve the read/write latency in a 2-bit MLC PCM using a relaxation scheme for reading and writing the cells for intermediate resistance levels. More specifically, we combine the most time-consuming levels (intermediate resistance levels) to reduce the number of resistance levels (making a Tri-Level PCM) and therefore improve write latency. We then store some error correction metadata in the extra storage section to successfully retrieve the exact data values in the read operation. We also modify the Tri-Level PCM cell to increase its read latency when the M-Metric scheme is used. Evaluation results show that the proposed scheme improves read latency by 57.2%, write latency by 56.1%, and overall system performance (IPC) by 26.9% over the baseline. It is noteworthy that combining the proposed scheme and FPC compression method improves read latency by 75.2%, write latency by 67%, and overall system performance (IPC) by 37.4%. With the increasing number of cores and developing sophisticated applications in today's computer systems, larger main memory capacity is increasingly demanded. The large capacity of main memory results in fewer page faults and more application parallelism. Unfortunately, DRAM cannot satisfy the increasing demand for larger main memory capacity due to its power and scalability limits that make further scaling of DRAM infeasible [31]. Therefore, emerging memory technologies have been proposed to be used in the main memory level of memory hierarchy.Phase Change Memory (PCM) is an emerging memory that is a candidate for replacing DRAM technology. A PCM device consists of Chalcogenide material (GST), capable of changing its resistance. Therefore, PCM stores data based on its GST resistance level. Compared to DRAM, PCM is more scalable [44] and denser, and consumes less standby power.The large re...