The employer can always negotiate with the employee if they want them gone sooner, but that's still going to be expensive for the employer, and the worker in this case has much more robust rights than the employer. If my company wanted me gone I could easily get a year's salary out of it with any decent lawyer, as I have a permanent contract.
> If the HR and management want one out, one is out.
Definitely not in the Netherlands, and I expect most EU countries are similar.
> Is is worth the massive paycut the Europeans are accepting?
I don't earn anywhere near the 600k number that I see flying around in this thread and elsewhere on HN (which is lunacy to me but more power to you guys), but I'm still better off than 99% of people I meet, have my own home, have actual usable public transport and don't have to worry about a hospital visit bankrupting me. Oh, and my employer can't arbitrarily decide to just fire me, and if they do (for example in a wave of layoffs) I get compensated generously for it, plus the gov't itself will compensate me as well if I can't find a job for whatever reason while having 35 paid vacation days (I think the legal minimum is 25 vacation days for a fulltime employee, not 100% sure on that number though) + 10 or so public holidays. So, yes, definitely worth the pay cut.
There's more to life than gross monetary amounts, and from the horror stories my USA-ian friends relay to me about living there, I consider myself quite privileged to be where I'm at.