there are two part to the question
1) is Pg diploma better than masters- answer is no one can say one is better than the other. it depends on the person. if u r a hands on guy like if u like to work handson then u generally go for diploma if ur a desk type(research oriented/bookish) guy then u go for masters. Masters is more involved than diploma. with masters u will be looking for white collar jobs with diploma u will look for hands on jobs. this does not mean one earns more than other. Job ,earning is a different thing. I would suggest if ur a smart guy who is good at studies go for masters if u r a hands on guy and like to fix things then go for diploma. u have to decide what type u r . Example is a diploma holder may go out and set up networks but a masters will design networks on his desk.
now part 2 of ur question
2) Jobs- answer jobs depend on different criteria getting a degree or diploma does not guarantee a job. diploma / degree is just a piece of paper . To find a job u need good contacts, friends, good grads, good course work , good communication skills, good projects during ur academics , ur work experience in ur field etc .