The province confirms that it will be investing more than $700 million to provide retention payments of up to $5,000 to eligible nurses in the province.

In a news release issued Monday, the Ford government announced details of the lump sum payment, which was previously confirmed by the Ontario Nurses Association (ONA) last month.

“Throughout the COVID-19 pandemic nurses have stayed on the front lines with remarkable dedication and selflessness as they care for our sick and most vulnerable Ontarians, and we know that a strong nursing workforce is crucial to supporting the province’s recovery in the months and years ahead,” Christine Elliott, deputy premier and minister of health, said in a written statement.

“As we continue to build up our nursing workforce, this investment will support the nurses we currently have so that Ontarians continue to have access to the care they need during the COVID-19 pandemic and into the future.”

Last month, the ONA confirmed that Premier Doug Ford and the union had negotiated "a good-faith retention bonus for all front-line nurses in publicly funded facilities."

ONA President Cathryn Hoy said during the negotiations, concrete commitments were made to "implement several measures to fix Ontario's serious nursing shortage."

"The government will resurrect the Late-Career Nursing Initiative, the New Graduate program, and will work with the Ontario Hospital Association to ensure exhausted nurses can take vacation. While the Premier has not agreed to repeal Bill 124 at this time, it is not off the table for further discussion and ONA will press the Premier on this issue," she said.

On Monday, the province said it is investing $763 million to provide the payments, which will be broken up into two installments.

To receive the first payment, the province said, nurses must be employed as of March 31 and to receive the second, nurses must be employed as of Sept. 1.