Profitable Extendicare REIT Demands Wage Freeze of Canadian Workers

TORONTO, May 10 /CNW/ - 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 employees.

"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. Instead they are bowing to the bottom line."

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.

"It's 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.

For further information: CAW National Representative, Robert Buchanan, cell, [phone] or CAW Communications, John McClyment, [phone]