It varies a bit, but in this case[1] they had two hours each to reach 40 moves, without additional time per move. After move 40 then they got an additional hour each until move 60. After move 60 they got 15 minutes each, as well as each move now giving them 30 seconds.

If the player runs out of time they lose.

[1]: https://www.chess.com/article/view/world-chess-championship-...