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English definition of “NIC”


noun [C]    
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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