The much aspired government jobs are experiencing a turn around now. No longer would these jobs mean comfortable working hours, ample retirement fund and much more as public sector organizations are now moving towards contractual basis of hiring.

RBI is presently looking to hire executives on a three year contract basis. The apex bank is searching for 200 such suitable candidates. The candidates would not get any government amenities like pension, accomodation, provident fund or gratuity which are otherwise entitled to all regular employees.

"Employing on a short-term basis makes it easier to weed out non-performers. So the clear indication is that people shouldn't come here to park themselves," said Aneesh G Laikar, CEO, Selectema Consulting, a Mumbai-based recruitment firm.

"In contract basis employment, you cannot be a part of a trade union, which will make the exits easier. It is a sign of times to come. We cannot rule out the possibility of RBI using this way of employment on higher levels too," said Laikar.

The eligibility criteria for these candidates is the same as that for POs.