PSAC calls on public service pension plan to pull out of the business of long-term care

PSAC National President Chris Aylward has called on Public Sector Pension Investments (PSP) to end its investment in Revera Inc. and instead put the second largest Canadian network of for-profit long-term facilities under public ownership and control.

Revera Inc. is a wholly owned subsidiary of PSP, which manages the investments of the pension plans of the federal public service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserved Force. As the bargaining agent for members of the federal public service and federal agencies, PSAC represents a large proportion of the contributors and beneficiaries of federal public service plan.

PSAC made the call for a change in ownership of Revera Inc. as a result of mounting evidence that the incidence of deaths and illnesses attributable to COVID-19 is disproportionately large in private, for-profit long term care facilities. Also, a class action lawsuit by family members of deceased former residents of Revera Inc, has exposed the risk that comes with owning the long-term care chain.

This is not the first time PSAC has complained about Revera’s operations and conduct but the responses from PSP investments were inadequate and dismissive.

“PSP Investments must respond to the concerns of our members about the safety and security afforded to residents and workers at Revera Inc facilities.” said Aylward.

“In the midst of this unprecedented global pandemic, we should not have to convince PSP of the value of working to ensure safe services to the Canadian public and fair compensation and working conditions for workers in the facilities.”

“Operating these facilities with financial profit as a top priority, cannot continue. Only by turning control of the facilities over to provincial health authorities, can we ensure that the wellbeing of the Canadian public and workers comes first.”


May 26, 2020