Accra:Seoul The despair and anger of France's youth have spilled out onto the streets, exposing the consequences of years of political paralysis, fiscal mismanagement, and delayed structural reform. On Saturday, approximately 550,000 people reportedly took part in demonstrations across 110 locations nationwide, with some protests escalating into arson and looting.

According to Yonhap News Agency, behind the unrest lies a deeper grievance a social contract increasingly perceived as unfair to younger generations, who are being asked to shoulder the costs of an aging society while facing diminishing opportunities. At the heart of the crisis is France's generous pension system. The country's public pension replacement rate stands at approximately 72 percent of pre-retirement earnings, far above the OECD average of 43 percent. Retirees' disposable incomes can even exceed the median incomes of workers in their 20s and 30s.

The poverty rate among French retirees is around 4 percent, reportedly much lower than among young people, who are already burdened by high housing costs and scarce employment opportunities. France largely operates a pay-as-you-go pension system, in which contributions from current workers finance the pensions of retirees. As the population ages, approximately 1.7 to 1.8 workers must support each pensioner. This has led to substantial pension-related public expenditure, leaving less room for investment in education, infrastructure, and other priorities.

Reports indicate that roughly one-third of France's education budget goes toward retired public servants' pensions, intensifying resentment over deteriorating school conditions and teacher shortages. The predicament extends beyond a pension crisis to a crisis of political will and economic competitiveness. Public debt has reportedly approached 119 percent of gross domestic product, and economic growth remains sluggish.

The broader European context compounds these difficulties, with France's troubles reminiscent of the sovereign debt crises in southern Europe in the early 2010s. Korea is urged to regard these developments as a warning. Despite the International Monetary Fund raising Korea's growth forecast, the country's economy remains heavily dependent on semiconductors, leaving it exposed to fluctuations in global technology demand.

Korea's pension system faces its own demographic challenges. A reform announced last year increased the National Pension contribution rate, but changes are expected to only temporarily postpone fund depletion. Further pension reform and fiscal policy adjustments are necessary to ensure sustainable welfare and prevent intergenerational inequity.