Jamshedpur: A new annual bonus formula for the next three years is in the offing at Tata Steel. Talks have begun in this connection between the company management and the union officials. The company�s IR Group Chief Zubin Palia and Tata Workers Union president R Ravi Prasad held a meeting on formulating the new bonus accord. Deputy President Arvind Pandey and general secretary Satish Singh were also present. Both sides discussed about the bonus formula fixed so far in the last 10 to 12 years. Prasad said a letter was handed to the company management regarding the bonus talks. Now the talks have begun, he said.