MOSCOW, November 9. /TASS/. Raising the retirement age is a wide-spread global trend, Russia’s Deputy Economic Development Minister Alexei Vedev told reporters.

"There are many studies on this subject, about the collapse of the global pension system. That is global trend because pension systems were developed in the mid of the last century and since then life expectancy has grown. In general I agree that the whole global pension system needs a revision," he said.

Earlier on Wednesday, Apurva Sanghi, World Bank's Lead Economist for Russia said that the World Bank recommends Russia to raise retirement age in mid-term perspective.