Let's not confuse Legislation with company policy.
As I understand it, HKG CAD Legislation already allows Commanders up to the age of 60 (have I got this wrong?).
CX would like to change the company policy of retirement at 55,
but it does not want to pay you the same COS that currently ceases at 55! It would like to continue to negotiate an individual COS on case-by-case basis.
If age 60 retirement were to become company policy, you could expect to see a typical CX imposed, non-negotiated change to the COS. Such a new COS will be a double-edged sword to the pilots that will turn out to be to the benefit of the airline.
Optimum Strategies for Creativity and Longevity
By Sing Lin, Ph.D.
An important conclusion from this study is that for every year one works beyond age 55, one loses 2 years of life span on average.
Hey! What the heck! Do what you want, it's your life.
Working beyond 55 will always be an individual choice (albeit possibly not in the airline that you currently work for). If you do not plan your escape, you will be doomed to retire at whatever age that the airline kicks you out the door, and then live (statistically) until only the age that is shown very clearly on the graph.
But then again, you might turn out to be Superman...