Panic and Anger Spread as Europe’s Great Pension Covenant Unravels

PARIS—For decades, Europeans have been happy to surrender around half of their pay to the state. In exchange, they could expect to retire in their 60s on a relatively comfortable, state-funded pension.

No longer. Stretched public finances and a rapidly aging population are threatening this covenant, stoking fear and anger across the continent over the future of a cradle-to-grave welfare state voters had long taken for granted.