Nobody knows for sure! However, in countries that have age discrimination law, you must be able to continue on your current terms and conditions to 65 or whatever the national retirement age is.
I'm in a similar age and rank and so far as I can see, the company are asking me to pay them about HK$1 mil over the next 3 years in exchange for a guarantee that I can work for them after age 55. That seems to me to be a very expensive insurance policy, particularly as it's one I probably won't need!