Yes, the age at which teachers retire -- superannuate -- has been raised from 62 to 65. Here is the press release from PIB:
The Union Cabinet today gave its approval for enhancing the age of superannuation for teaching positions in Centrally Funded Educational Institutions under the Ministry of Human Resource Development from 62 to 65 years of age, with provision for re-employment beyond 65 years and upto 70 years of age against sanctioned vacancies if they are not filled up by regular candidates, after screening under the UGC Guidelines at the age of 65 years.
I view this across-the-board increase in retirement age as bad news. The provision for re-employment beyond the current retirement age of 62 would have been far better; if it makes sense at 65, it makes better sense at 62! A long, pay-protected tenure is a terrible thing in a system that's incapable of getting rid of deadwood and nasty, negative people.