Canadian workers could see their employment insurance premiums rise by $632 over four years while employers may face even bigger hikes if the government is to meet its economic update targets, according to economic forecaster Dale Orr Economic Insight.

The analysis estimates that Finance Minister Jim Flaherty's revenue projections on the EI account builds in a sizable employment tax hike for both workers and employers of about $15.5 billion by the 2014-15 timetable laid out in last month's update.