The first question has been discussed here before. See this selection:

https://www.researchgate.net/post/Why-the-article-reviewing-peer-review-in-Journal-and-Conference-is-a-voluntary-work/1

https://www.researchgate.net/post/How_many_researchers_think_publishers_journals_should_pay_for_their_content_and_also_for_peer_review/1

https://www.researchgate.net/post/If_there_is_ever_going_to_be_a_time_peer_reviewers_will_be_paid_for_their_services_the_time_is_now/1

https://www.researchgate.net/post/Should_journals_pay_for_peer_review_work/1

https://www.researchgate.net/post/Why_open-access_journals_reviewers_do_not_get_paid_for_their_job/1

https://www.researchgate.net/post/Why_dont_journals_pay_reviewers_and_still_sell_publications/1

https://www.researchgate.net/post/Why_dont_journals_pay_to_reviewers_as_they_bleed_authors_for_publication_fees/1

https://www.researchgate.net/post/Reviewers_participation_should_be_considered_too/1

https://www.researchgate.net/post/What-are-the-benefits-of-being-a-reviewer-for-a-journal/1

https://www.researchgate.net/post/Rewarding_the_work_of_the_referees/1

Hi Rohit In my opinion, the question of compensation is only one of many challenges concerning the system of peer review. Perhaps there is a need to change the whole system. Kaltenbrunner et al. (2022) and Waltman et al. (2023) discuss innovations for peer reviewing. Another aspect is open peer review, to mention Ross-Hellauer (2017) with different important contributions to this topic.

References: Kaltenbrunner, W., Pinfield, S., Waltman, L., Woods, H.B. and Brumberg, J. (2022). Innovating peer review, reconfiguring scholarly communication: an analytical overview of ongoing peer review innovation activities. Journal of Documentation, Vol. 78 No. 7. https://doi.org/10.1108/JD-01-2022-0022.

Ross-Hellauer, T. (2017). What is open peer review? A systematic review [version 2; peer review: 4 approved]. F1000Research, 6:588. https://doi.org/10.12688/f1000research.11369.2.

Waltman, L., Kaltenbrunner, W., Pinfield, S. and Woods, H.B. (2023). How to improve scientific peer review: Four schools of thought. Learned Publishing. https://doi.org/10.1002/leap.1544.

Best regards Anne-Katharina