Fair. Not sure what it’s like getting tech talks approved through comms these days, but this would be fascinating to hear about at a SF or SouthBay Systems meetup.
There are companies that compensate you for all on call hours.
Being paid only if you are paged is not appropriate compensation for interrupting your personal life: having your laptop, reliable internet, cellular coverage, being available on x minutes notice.
Last I knew it was 33.3% time credited for on call hours with 30 minute response requirement and 66.6% time credited for on call hours with 5 minute response time. And it could be taken as additional holiday or as cash.