Compensation = (years worked at company/3)*monthly salary.

This comes on top of the minimum notice period, which is given by:

notice period (in months) = floor(years_worked/5) + 1

In many cases, employers and employees agree that the employee will not work after having received notice, but are asked to be available to help answer questions their replacements might have during this period. The employee still receives their salary during this time (even if they find new employment), so effectively this notice period can be added to their compensation.

So for many employees in the Netherlands, the minimum legal compensation is better than what these employees will receive. In practice their compensation is often better than the minimum legal compensation.