I'm actually a Chartered rather than licensed Engineer. I inspect and approve new aircraft designs and modifications - and yes I'm appaulingly badly paid for that responsibility. That said I do it in civil aviation where I'm paid about 20% more than I got for doing the same in miltary aviation a few years ago.
And being salaried I don't get overtime, I'm just expected to work the hours required for the love of it. I don't even get paid for flying in the stuff I've just signed-off as safe (did some good spinning trials this year!) but it seems to make the pilot happy.
G