Compensation InsightHow Ramsay Health Care Pays
Clinical pay scales, enterprise agreements, executive compensation, performance rights, and global operations across Australia, France, and the UK.
At a Glance
Career Level Hierarchy
Ramsay Health Care operates a dual-track system: clinical staff (~75%) governed by Enterprise Agreements, and corporate/management staff (~25%) on internal bands.
Clinical Track (Enterprise Agreement)
Corporate / Management Track
Key Context
Most doctors at Ramsay are Visiting Medical Officers (VMOs) — independent contractors, not employees. Clinical staff are governed by state-specific Enterprise Agreements negotiated with the ANMF. Corporate staff above ~A$100K are on individual contracts with discretionary annual reviews.
Compensation by Level
Total compensation breakdown for Sydney, Australia. All values in AUD.
| Band | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| R1 | Entry / Administrative 0–2 yrs | A$48K – A$62K | 0% | A$48K – A$62K | Employee Share Plan |
| R2 | Officer / Registered Nurse 1–4 yrs | A$65K – A$82K | 0% | A$65K – A$82K | Employee Share Plan |
| R3 | Senior RN / Specialist 3–7 yrs | A$80K – A$110K | 3% | A$82K – A$116K | Employee Share Plan |
| R4 | Nurse Unit Manager / Manager 5–10 yrs | A$110K – A$155K | 10% | A$121K – A$178K | Employee Share Plan + STI |
| R5 | Senior Manager / DON 8–14 yrs | A$155K – A$220K | 20% | A$186K – A$275K | STI + LTI eligible |
| R6 | Director / Hospital GM 12–20 yrs | A$200K – A$350K | 28% | A$256K – A$473K | STI + LTI + Performance Rights |
| R7 | Executive / Chief Officer 18+ yrs | A$350K – A$600K | 40% | A$490K – A$900K | Performance Rights + Deferred STI |
| R8 | MD & Group CEO 20+ yrs | A$1.0M – A$1.5M | 65% | A$1.7M – A$2.7M | Full equity — Performance Rights + ESP |
Source: Glassdoor, Indeed, PayScale, Ramsay Health Care Annual Report FY2025, Enterprise Agreements. Australian values include superannuation (12%).
Total Compensation Range by Level
Salary by Career Stream — Australia
Breakdown by role across Ramsay Health Care's clinical and corporate functions. All figures in AUD per year including superannuation.
Nursing & Clinical
| Role | Average | Range | P90 |
|---|---|---|---|
| Assistant in Nursing | A$52,000 | A$48K–A$58K | — |
| Enrolled Nurse | A$56,000 | A$50K–A$62K | — |
| Registered Nurse | A$73,000 | A$65K–A$88K | A$92K |
| Registered Nurse (Critical Care) | A$82,000 | A$75K–A$95K | — |
| Theatre / Perioperative Nurse | A$80,000 | A$72K–A$95K | — |
| Clinical Nurse Specialist | A$93,000 | A$85K–A$100K | A$108K |
| Nurse Unit Manager | A$115,000 | A$105K–A$125K | A$130K |
| Director of Nursing | A$155,000 | A$130K–A$180K | — |
Administration & Support
| Role | Average | Range | P90 |
|---|---|---|---|
| Ward Clerk | A$50,000 | A$41K–A$61K | — |
| Receptionist | A$52,000 | A$46K–A$58K | — |
| Admin Officer | A$58,000 | A$52K–A$65K | — |
| Patient Services Officer | A$62,000 | A$55K–A$70K | — |
| Medical Records Clerk | A$55,000 | A$48K–A$63K | — |
Corporate Functions
| Role | Average | Range | P90 |
|---|---|---|---|
| Business Analyst | A$95,000 | A$80K–A$115K | — |
| Finance Analyst | A$90,000 | A$78K–A$110K | — |
| IT Manager | A$130,000 | A$110K–A$155K | — |
| HR Manager | A$125,000 | A$105K–A$145K | — |
| Operations Manager | A$145,000 | A$125K–A$170K | — |
| Senior Manager | A$180,000 | A$155K–A$220K | — |
Leadership
| Role | Average | Range | P90 |
|---|---|---|---|
| Hospital General Manager | A$250,000 | A$200K–A$350K | — |
| Deputy Director | A$122,000 | A$100K–A$140K | — |
| Director | A$280,000 | A$200K–A$350K | — |
| Group Executive | A$500,000 | A$350K–A$600K | — |
| Chief Officer (COO/CFO) | A$750,000 | A$600K–A$1.2M | — |
Source: Glassdoor (800+ salaries), Indeed, PayScale, ANMF Pay Rates, Ramsay Enterprise Agreements.
Global Operations — Regional Pay Comparison
Ramsay operates 500+ facilities across 10+ countries. Australia accounts for ~60% of earnings; France (Ramsay Santé) ~30%; UK ~10%.
Australia (74 hospitals, 34,000+ staff)
France — Ramsay Santé (244 hospitals)
Ramsay Santé is 53%-owned by Ramsay Health Care and listed on Euronext Paris. Operates in France, Sweden, Denmark, Norway, and Italy. European divestment announced February 2025.
United Kingdom (34 hospitals)
Also includes Elysium Healthcare (specialist mental health). UK NHS pay rises (~5.5%) set benchmark; Ramsay UK under pressure to match. Impairment taken against UK assets in H1 FY2025.
Source: Glassdoor, Indeed (AU, UK, France), Ramsay Health Care Annual Report FY2025, Ramsay Santé reports.
Variable Pay & STI Payout History
Clinical staff on Enterprise Agreements have no variable pay — they receive guaranteed annual increases. Corporate staff variable pay scales from 0% at entry to 65% for the CEO.
STI Payout History (% of Target)
Variable Pay % by Level
STI (Short-Term Incentive)
- Metrics: Group NPAT, revenue growth, patient safety, employee engagement
- For KMP: 25–40% of STI deferred into RHC shares (1–2 years)
- Board retains discretion to adjust outcomes based on non-financial metrics
- Payout: Annual, after year-end financial results confirmed
LTI (Long-Term Incentive)
- Instrument: Performance Rights under Equity Incentive Plan
- Hurdles: Compound annual EPS growth + relative TSR
- Vesting: 3-year cliff — all or nothing
- Maximum: 100% vesting if hurdles exceeded; 50% at threshold
- Historical: EPS hurdle has resulted in full vesting in most years since 2009
Equity & Share Plans
Ramsay operates a Performance Rights plan for executives and a salary sacrifice Employee Share Plan for all staff.
Active Plans
Performance Rights — 3-Year Cliff Vesting
Equity Eligibility by Level
| Level | Employee Share Plan | Deferred STI | Performance Rights |
|---|---|---|---|
| R1–R2 (EA staff) | Yes | No | No |
| R3 | Yes | No | No |
| R4 | Yes | Sometimes | No |
| R5 | Yes | Yes | Occasionally |
| R6 | Yes | Yes | Yes |
| R7–R8 | Yes | Yes | Yes (significant) |
Employee Share Plan (2025 Salary Sacrifice)
- All Australian permanent employees eligible
- Pre-tax salary deductions (monthly or fortnightly)
- Shares allocated on last trading day of each month (Feb 2025 – Jan 2026)
- Maximum contribution: up to 50% of base salary
- Recent grant: 291,857 performance rights issued December 2025
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Performance Rights acquisitions reflect annual EIP grants. Paul Ramsay Holdings reduced stake in Dec 2024 to fund the Paul Ramsay Foundation.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Dec 15, 2025 | Natalie Davis | MD & Group CEO | Acquisition | 60,000 | EIP grant | Performance Rights |
| Dec 17, 2024 | Natalie Davis | CEO-elect | Acquisition | 57,472 | EIP grant | Performance Rights |
| Nov 2024 | Craig McNally | MD & CEO (outgoing) | Disposal | 15,000 | A$46.00 | A$690K |
| Sep 2025 | Michael Siddle | Non-Exec Director | Disposal | 50,000 | A$40.00 | A$2.0M |
| Aug 2025 | David Thodey | Chairman | Acquisition | 5,000 | A$38.00 | A$190K |
| Dec 2024 | Paul Ramsay Holdings | Substantial Holder | Disposal | 3,200,000 | A$42.50 | A$136.0M |
| Jul 2025 | Karen Penrose | Non-Exec Director | Acquisition | 3,000 | A$36.50 | A$110K |
| Mar 2025 | Steven Sargent | Non-Exec Director | Acquisition | 2,500 | A$37.80 | A$95K |
Substantial Shareholders (SAST)
Source: ASX announcements, TipRanks, Investing.com shareholder data.
Executive Compensation — FY2025
| Year | FR | Total | Note |
|---|---|---|---|
| FY2021 | ~A$1.5M | ~A$1.8M | COVID impact; reduced STI |
| FY2022 | A$1.6M | ~A$3.2M | Recovery year; KKR bid period |
| FY2023 | A$1.7M | ~A$3.0M | KKR rejection; operational focus |
| FY2024 | A$1.7M | ~A$1.9M | Partial year — retirement transition |
Senior Leadership Compensation
Executive compensation includes STI (annual bonus) and LTI (Performance Rights). STI portion deferred into RHC shares for 1–2 years. LTI vests after 3-year cliff based on EPS and TSR hurdles.
Performance Rights — LTI Details
- Instrument: Performance Rights under Equity Incentive Plan (each converts to one RHC share)
- Vesting: 3-year cliff — no partial vesting; all or nothing
- Hurdles: Compound annual EPS growth (primary) + relative TSR (secondary)
- Peer group: ASX 100 Healthcare Index constituents
- No retest: if hurdles not met, rights lapse permanently
- 291,857 performance rights issued in December 2025
Benefits & Perks
Australia
United Kingdom
Global
- Global Graduate Programme — 2-year structured rotational program across regions
- Leadership Academies — global and regional leadership development
- Ramsay Hospital Research Foundation — research grants for clinical innovation
- Internal Mobility — cross-country and cross-function transfer opportunities
- Flexible Rostering — self-rostering, job sharing, banking hours, time-in-lieu
- Scholarships — professional development scholarships and study assistance
- Wellbeing Programs — mental health and wellbeing initiatives across all regions
Performance & Pay Progression
Clinical staff progress through classification years with guaranteed annual increments under Enterprise Agreements. Corporate staff have annual performance reviews aligned with the financial year (July–June).
Promotion Timeline & Hike
Annual Increment Rates
Glassdoor Ratings
Key Nuances & Insights
~75% of Ramsay's workforce is clinical staff on Enterprise Agreements with guaranteed pay progression. There is no variable pay or equity for the vast majority. The compensation model is predictable but rigid — more like public sector than private sector.
KKR offered A$88/share in 2022–2023; Ramsay's board rejected it. Shares now trade at ~A$37 — a 58% decline from the bid price. This created significant shareholder discontent and is driving the European divestment and restructuring under new CEO Natalie Davis.
Natalie Davis at A$2.73M is well below ASX healthcare peers (CSL CEO A$15M, Sonic A$6M). The Ramsay family influence as largest shareholder tends to moderate executive pay. This may change as transformation intensifies.
Clinical staff (~75%) have guaranteed annual increases, penalty rates, and union-negotiated conditions. Corporate staff (~25%) are on individual contracts with discretionary reviews. Clinical staff have more certainty but less upside.
Private hospital employees can package up to 50% of salary (novated leases, additional super, childcare, gym). For a nurse earning A$80K, this can provide A$5–8K in annual tax savings — a benefit not matched at public hospitals.
Visiting Medical Officers (VMOs) are independent contractors who use Ramsay facilities. They earn A$300K–A$2M+ but are NOT on Ramsay's payroll. This means Ramsay's median employee figure skews lower (nurse-heavy).
Public hospital nurses in NSW earn 5–10% more at senior levels. Ramsay compensates with flexible rostering, salary packaging, and less bureaucracy. The 2023–2026 NSW EA with its 16% increase has significantly narrowed this gap.
Founded by Paul Ramsay in 1964, the Paul Ramsay Foundation is Australia's largest philanthropic organisation. The family holds 17.58% and the 'People Caring for People' ethos is genuine but faces modern pressures from agency costs, nurse shortages, and industrial action.