The pay packet of Medibank Private boss George Savvides will more than triple overnight on November 25.

The managing director of the government-owned Medibank, Mr Savvides will be catapulted from one of Australia's highest paid public servants, on $1.2 million, to a total pay package of $3.99 million, under a contract which runs until July 2017.

Governance experts said Mr Savvides' pay packet was in line with other top 50 to 100 ASX companies but questioned the payment of a $750,000 bonus, simply for successfully completing the float.

"It's a kicker for getting the IPO [initial public offering] away but most people would argue that is part of his job," Ulysses Chioatto, former executive director at Institutional Shareholder Services, said.

A 58-year old trained industrial engineer, Mr Savvides will retain his current $1.2 million salary but also be eligible for a $840,000 annual bonus, in addition to the $750,000 IPO bonus, if the listed insurer achieves a forecast $250 million profit.

A former chief executive of Sigma Pharmaceuticals, Mr Savvides will also be granted performance rights worth $1.2 million in the company, as part of a $3 million pool of performance rights granted to the executive team.

Martin Lawrence, director of ­government advisory firm Ownership Matters, said while Mr Savvides' job title remained the same, he and his executive team would bear more responsibility and face greater scrutiny.

"It is going to be much more challenging, because they're going to have to deal with a lot more shareholders," he said.

But governance experts have raised their eyebrows at an $750,000 IPO bonus for Mr Savvides and hundreds of thousands in bonuses for his executive team to recognise the "assistance those participants have provided in connection with the Completion of the Offer process," according to the Medibank prospectus released on Monday.

Mr Lawrence said privatisations had a track record as a bonus bonanza for management. "In the most recent privatisation we have seen, which was Aurizon, the total cost of the board of managers in public ownership was $5.2 million," he said.

Former Telstra chief Solomon Trujillo's pay packet grew from $8.7 million to $11.8 million in 2007, after the telecommunications giant was privatised.

When rail company QR National privatised in 2010, chief executive Lance Hockridge's salary soared from $1.1 million to almost $4.1 million.

NIB chief executive Mark Fitzgibbon earns around $1.2 million, but his ­company is significantly smaller than Medibank, with a market capitalisation of about $1 billion and 900,000 policy holders, compared with Medibank's 3.7 million.

Ramsay Healthcare chief executive Christopher Rex remains the most well paid CEO in the healthcare sector, earning a total $8.3 million pay packet.