I'm the manager of a Network Operations Center and my guys work 24x7x365 rotating shifts.
They are entitled to the following:
Afternoon shift premium
Evening shift premium
$100 per week to carry the pager (two week cycles)
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In the event that you miss a page you forfeit your two weeks on call bonus ($200). This goes to the guy who had to take your call. I have a back-up on call who doesn't carry the pager who is available via personal cell / home phone to pick up slack if needed. On top of the bonus you also receive your hourly rate with a minimum guarantee of 1 hours pay.
I try to be fair with on call duties. If you can't carry the pager it's your responsibility to find someone else on the team to help you out, or risk the chance of loosing your pay and if it's a repeat offended being written up.
I find most of my guys don't have any issue carrying the pager because I cycle though 8 guys so your only on call two weeks every other month.
If you treat your team well they will bend over backwards for you when you need them most. If you don't pay them, then don't cry when they aren't there to pick up the page and it you yourself who has to bend over backwards.
It's common sense! Family, and free time is more important to me. So I pay my team. Of course should the on call need me I'm always available, but I'm a manager and that's my job. I do not get paid to be on call, however I do get to take time off in lieu (assuming it's okay for me to take the day off - work is slow, etc...) or choose to pay out my OT on my next pay.