The reality in today's world (at least for software developers in the US) is that government work pays so much less than private sector work that I don't imagine it pays to go into government work at any point of your career.
1. significantly more vacation.
2. I often worked 5-6 hour days (because I was done) and just went home with no one complaining.
3. much better pension.
So I sort of think it was actually about the same in value, except of course money is more liquid and thus more valuable than perks, but perhaps the great difference in value people see is partially illusory.
on edit: not sure what the difference would be nowadays as I consult and earn about 5-6 times per hour what I was earning back then.