I need to use text formulas, but I also want to include data in coulmn 'ID'. As this is default column for any list it is not available in default selection. So I have added it manually.

Now old items got updated, but new items are not getting updated for 'ID'. Writing formula I used:

=[First Name]&"/"&[Last Name]&"/"&ID

This isn't possible in calculated columns because the value of the ID field isn't determined until after the row is inserted into the DB. It works when you create the calculation because when the column is edited, all the calculations are performed all over again.

An out-of-the-box workflow can handle this for you, or an event receiver.

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