Creates the Human Services Equitable Pay Act. Requires the Department of Human Services to commission a Human Services Compensation Study on the rate of compensation, including wages and benefits, in the human services sector in Illinois and nationally. Provides that the study shall include an analysis of wage and benefit levels in different settings and for different education levels, including a comparison of compensation for employees of public sector entities, managed care organizations, and community-based human services providers. Requires the study to be completed and submitted to the Human Services Compensation Task Force by June 30, 2025. Requires the Department to establish the Task Force on or before June 30, 2025. Requires the Task Force to submit a report to the General Assembly and the Governor's Office of Management and Budget by December 1, 2025 that includes: (i) recommendations on how to strengthen recruitment and retention of human services workers employed by human services providers that have contracts with the Department of Human Services, the Department of Children and Family Services, the Department of Juvenile Justice, the Department on Aging, or the Department of Public Health; (ii) recommended rate levels to address any wage and benefit disparities between different settings as may be established in the Human Services Compensation Study; and (iii) a proposed schedule to increase rates to the recommended rate levels by July 1, 2029. Requires each named State agency to submit an annual report to the Task Force and the General Assembly, beginning July 1, 2025, that includes information on: (1) the current disparity amount between the salaries of professionals employed by human services providers and comparable employees employed by the State agency or managed care organizations contracted with the State agency for the delivery of human services; (2) the amount of annual increases in the rate of reimbursement to human services providers under contract with the State agency that is necessary to reduce and eliminate the disparity amount by July 1, 2029; and (3) other matters. Effective immediately.