Reflects satisfaction with earnings relative to work done. May imply deserved due to job's nature or skill required. Despite the long hours, he considers himself well paid.
Pro Tip 2/3
Relative Term
What's considered well paid can vary widely between different countries, industries, or individual expectations. Teachers are well paid in some countries but not in others.
Pro Tip 3/3
Not Always Money
Sometimes can include benefits which are not monetary but still add significant value to the compensation. Her salary isn't high, but she's well paid in terms of healthcare and vacation time.