Ironically that is the law in many places except the U.S.. As I understand, South Africa is working on applied for Waiver, good until age 65. FAA is 60 for anything over 19 PAX basically..
Its one way of making the Pilot pool smaller.
JAR just started clamping down in the Caribbean regarding this matter, it will probably come to pass in a year or so.
Almost time for me to kick back a little..............