I'm on a team of 5 and we don't have an on call rotation since developers are not prod ops. But in a sense we are all on call all the time. The NOC has our phone numbers and if we are needed for something urgent we will get a call or a text for things like helping prod ops troubleshoot an issue if they get stuck. My boss has texted me while I was on vacation before. Usually it's a quick question for something obscure. Once it was an escalation from a senior executive. I don't have to respond if I'm on vacation, but if I'm getting a call they really need help with something. It also is a good opportunity to lay a guilt trip on your boss that results in a few reward points. Never had to actually log into anything though.

We also have BCP, business continuity plan, events. I work for a company that provides a lot of critical infrastructure. If the BCP event is really nasty, like a natural disaster, and our team needs 24/7 representation on the bridge, we take turns and will relieve each other. You won't be expected to help out on a BCP event while on vacation.

Besides BCP we usually have to be available for certain production changes. Like a few months ago I had a DNS and load balancer change done. I wasn't doing the work, but the team making the change wanted me available between 3 and 5 am to validate the change.

If I were paid hourly things would be more formal. I would get overtime(1.5 x hourly rate) + comp time. Since I'm salaried I just sleep in the next day. Our schedules are really flexible. We basically need to be mostly available for meetings for around 4 hours a weekday from late morning to late afternoon, and complete our projects on time. It was like this in the before times. Back then I would go into the office around 11 am for our daily standup. Get lunch with some team mates. Do some afternoon meetings then go home, and do my more focused work at home after dinner time. Most of my team mates did something similar.

Rest of the compensation is your typical American senior software engineer salary with a 10% to 20% bonus, 7 weeks pto, health insurance, life insurance, short term and long term disability insurance, 401k with 6% match, pension, retirement health insurance, pet health insurance, can use the corporate travel agent for personal travel. I actually like this perk a lot. You still pay for personal travel but it means a lot of discounts and upgrades. We also get to keep our various travel points.