NIC

noun [C]

Definition

› TAX abbreviation for National Insurance Contributions: payments made to the UK government by companies and employees so that employees can receive money when they are unable to work because they are ill, too old to work, etc.: Her NIC record does not give her a full basic state pension.

› ECONOMICS abbreviation for newly industrialized country: The NICs, especially Hong Kong and Singapore, are competing to become regional business centres.

(Definition of NIC noun from the Cambridge Business English Dictionary © Cambridge University Press)

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