Profitable Extendicare REIT Demands Wage Freeze of Canadian Workers
May 10, 2010, 11:45 AM EST
Despite earning $15 million in profits in the first quarter of 2010 alone, Extendicare Real Estate Investment Trust (REIT) has walked away from the bargaining table after demanding a two-year wage freeze and other concessions from workers employed in the company's long-term care homes across Ontario.
"This company is making money hand over fist - which makes it hard to imagine the gall of them demanding wage freezes from their hard working employees," said CAW national representative Robert Buchanan. "Extendicare continues to ignore their most valuable asset, which is their employees."
The CAW represents more than 1,200 workers at 10 Extendicare long-term care facilities in Ontario. Extendicare REIT reported late last week a first quarter profit of $15.6 million, up from $3.7 million a year ago.
The company has applied for conciliation.
"Its time for Extendicare to stop demanding rollbacks and concessions from its workers and get back to the bargaining table to negotiate a fair and equitable collective agreement that recognizes the hard work, skill and care that CAW members provide at these long-term care facilities," said Nancy McMurphy, CAW Local 302 president and CAW national executive board member.