Our pensions must be divested from for-profit long-term care

We are deeply concerned that the Public Service Pension (PSP) is the sole owner of Revera Inc. and its long-term care and nursing homes.

81% of all deaths in Canada caused by COVID-19 have been in long-term care homes.

More than 9,650 staff members in long-term care homes have been infected by COVID-19 – over 10% of all COVID-19 cases in the country. Nine people who worked in long-term care facilities have died.

Rates of COVID infection and deaths are higher in privately owned long-term care homes.

Long-term care homes have larger COVID-19 outbreaks and more resident deaths from COVID-19 than non-profit and municipal homes. We believe that privately owned long-term care homes in Canada should be moved into the public sector.

PSP Investments should not be making profits for our pensions from long-term care homes.

PSP Investments should divest itself from Revera Inc. and negotiate to transfer administration and ownership to provincial governments in each province. This policy is supported by 2/3 of Canadians according to a recent Angus Reid poll.

We made our position clear to PSP Investments in a recent letter.

Read our letter

We are disappointed with the inadequate response from PSP Investments.

PSP Investments President and CEO, Neil Cunningham, has no plan to divest from Revera. He has no plan to move Revera to the public sector to protect seniors.

He believes for-profit, long-term care facilities are an appropriate investment for public servants’ pensions and has offered no explanation for the high COVID-19 related death rates in these homes.

Read the PSP Investments letter

The Honourable Jean-Yves Duclos, President of the Treasury Board, has also replied to our concerns stating that PSP Investments are at arms length to the federal government and its “investment decisions are its own.”

Read the Treasury Board letter

We are committed to protecting our pensions, and investment in for-profit healthcare works against these aims. We believe that we can create a better health and safety environment for everyone in Canada. This means dramatically improving the situation in our long-term care homes for residents and for employees.

We are waiting for responses to our letters sent to the provincial health ministers in all provinces with Revera homes.

Published on 14 October 2020

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