[chdlr]

I would disagree for the first part: Review usually does not happen during paid hours or is even somehow formally accredited by universities.

[markus92]

At my university, reviewing is explicitly mentioned to be on your own time: we cannot write any hours for it.

[pastage]

That honestly seems like a bigger problem, if researchers are not paid for reviewing who will do it?

[prepend]

My experience is that reviewers do this as part of their duties and takes place during work hours.

[nelgaard]

Universities pay you for teaching and researching. Reviewing is part of the researching.