I like it. L10 anything is pretty much not worth it (as compared to stopping at L9 or even L8) unless you are rolling in merits. Skipping L10 on one merit will let you get an L0 merit to L4. Skipping L9 and L10, let's you get an L0 merit to L5 and only be 2 points shy of L6.
Roughly a 10% boost to the boost seems like a reasonable ballpark (or some related, but different ability).
Protection - Gives a passive bonus to defence
Bonus: Have the ability to use temporary weapons when defending (Randomly used if equipped, like weapons are randomly used now)
Bonus: Significantly reduced hospital times
I don't think the reduced Hospital times would be such a great idea if you're getting chained and doing something irl like sleeping...
I'd change that optional bonus to temp immunity after being (or leaving) hosped...maybe like 3-5 mins?
By bogie  Education Length - Decreases education course length by 2%
Bonus: Ability to take a second education course simultaneously at 150% normal time (Allowing for upgrade reduction)
Bonus: Kicked from education at higher addiction levels (Can take more drugs before being kicked)
Alt: Get 50% increase on work stats gains.
By bogie  Bank Interest - Increases bank interest by a small amount
Bonus: Unlock new investment time (E.g. ability to invest for 6 months)
Bonus: Ability to withdraw 10% of money banked at any time with 50% of interest currently earned on that amount (Rest of the interest that would otherwise be earned is lost)
Alt: 10% reduced investment period without losing any interest.
(same as the cheat shet perk does to education)
By bogie  Hospitalizing - Increases time when hospitalizing people by +10 minutes
Bonus: Reduce life regeneration on a hospitalised target by 50% for the time they were hospitalised (So if they were hospitalised for 6 hours, their life regen would be half normal rate during this time)
Bonus: Defeated opponents have 1 HP permanently lost
Alt: Defeated opponents have 5% less efficient medical items until they are out of hospital.
By Ozz 
- Dislike: Gives even more advantages to older established players with lots of merits, therefore making it more difficult for newer players to catch up.
This could be countered by giving players 50% of the bonus after 5(-6?) upgrades until they reach a certain amount of merits earned (or age).
The lord has entered the forum, time to bend over and say "Yes my lord".