Pros
The work culture is great. People are genuinely nice and always willing to help! Work-Life balance is great, people generally get to work at 8-9AM and leave by 5PM, almost rarely working from home (this of course depends on your role) Stock Purchase Program is amazing, especially when the stock performs great. On a good year, you can make over 10% of your salary if you enroll in the programs. Additionally, employees are paid with RSU's, although the amount is fairly minimal. Regardless of the cons I mention below, my experience in the company was overall really good. I knew going in that I wouldn't make as much as I would at another company, but I picked the position because it was exactly what I wanted to work on, and the experience I gained was invaluable.
Cons
Microchip really lives up to their Microcheap name. They underpay their employees if you compare the salaries to the nearest competitors. They don't spend much on their employees when it comes to training/improvement, or even to physical things like top-of-the-line PC's and accessories to work with. Lack of room for growth, as well as a lack of cool projects due to Microchip being a second-to-market type company. R&D spending is at a minimum, so you usually work on devices that already exist in the market (Microchip just tries to make their own version). Many times, things move so slowly, that by the time these products are released, they're outdated. On many occasions, I noticed that even if things are done inefficiently or ineffectively, they're very difficult to change. People/departments are not responsive to feedback, and even if they are, things progress quite slowly.