Pagination with rel=“next” and rel=“prev”
Much like rel=”canonical” acts a strong hint for duplicate content,
you can now use the HTML link elements rel=”next” and rel=”prev” to
indicate the relationship between component URLs in a paginated
series. Throughout the web, a paginated series of content may take
many shapes—it can be an article divided into several component pages,
or a product category with items spread across several pages, or a
forum thread divided into a sequence of URLs. Now, if you choose to
include rel=”next” and rel=”prev” markup on the component pages within
a series, you’re giving Google a strong hint
Source: Google's blogspot
Is it required? No. Should you do this? Yup, it'll decrease the 'duplicate page' penalty because it can see that it's a next/prev page of the current page. It indicates the relation between pages (Hence rel).