NIC
noun[C]
ukusTAX
abbreviation forNationalInsuranceContributions:paymentsmade to the UKgovernmentbycompaniesandemployeesso thatemployeescanreceivemoneywhen they areunabletoworkbecause they areill, toooldtowork, etc.:
HerNICrecorddoes not give her afullbasicstatepension.
ECONOMICS
abbreviation fornewly industrialized country:
The NICs,especiallyHong Kong and Singapore, arecompetingtobecomeregionalbusinesscentres.