Will Govt Job be as reliable in past?

24M, SDE2. With layoff becoming like an annual activity nowadays, I have begun to think about government jobs (like banking, industry not administrative).

For prev gen, like our parents it guaranteed 25-30 years of job guarantee. My question is will it be like that if one joined now? I doubt the perks will remain (like pension, other allowances), my concern is about downsizing or anything like that.

The reason for asking this is, if I join and something happens to that org, then again I might have to come back to private - making all the prep and time useless