Vishal1212
I think if you have a choice between job and a PhD, you need to give priority to job. As you can see in this forum, at times, people with PhDs don't even get a job. e.g. they might be considered overqualified for a number of jobs or managers might feel insecure etc. However, it probably depends upon the age-old logic of demand and supply and your particular area of interest. Look around and ask your seniors. You need to understand that PhD is a somewhat long term and frustrating commitment. And at the end, whether or not you will end up with a job cannot be guaranteed. If you want to do research and remain in the academia (and in general consider yourself strong in research etc.), then by all means, go for a PhD. If however you have not published any papers or are not that much into research, think carefully. Also, remember, doing a Masters degree has no comparison at all with what you experience in a PhD. It is a completely different ballgame. I suggest you should talk with other PhD students in the University you are planning on applying before you make the decision.
Cheers