Lesson from France
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 (local time), approximately 550,000 people reportedly took part in demonstrations across 110 locations nationwide, with some protests escalating into arson and looting. Behind the unrest lies a deeper…
The recent wave of protests in France reveals the frustration and discontent among the nation's youth over political stagnation, fiscal irresponsibility, and the slow pace of essential reforms. Approximately 550,000 individuals participated in demonstrations across 110 cities, some of which turned violent with acts of arson and theft. This unrest is rooted in a sense of unfairness, as young people feel they are being asked to bear the financial burdens of an aging population while their chances for success diminish.
France's robust pension system is a key factor in this equation. The country provides a retirement benefit that replaces about 72 percent of an individual's earnings from before retirement, significantly higher than the OECD average of 43 percent. This generous payout often results in retirees earning more than the median income of young workers in their 20s and 30s.
Consequently, the poverty rate among French retirees is only around 4 percent, a stark contrast to the economic struggles faced by younger generations who are already struggling with soaring housing costs and limited job prospects.
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- Lesson from France koreatimes.co.kr
