Pros
Work life balance. Seems like a growing company. But its hard to believe that they would want to actively compete with the current market, with the current structure of the company.
Cons
Microchip had created intermediate levels in between the job levels in the career ladder that has been existing until a year back. This way the management can make climbing through the levels slower and cheaper in terms of the pay increase. For instance, if it took 3 years for some to get promoted from an Enginner level to Senior enginner and get X as salary; now it will take 6 years for the person to be promoted through Enginner, Engineer level 2 and Senior Enginner and finally get X as salary. This puts anyone who got promoted a year back in the advantage and anyone who was expecting a promotion thereafter in the disadvantage. Just another way to be cheap!