This project studies the evolution of the aggregate skill premium (the wage of skilled labour relative to that of unskilled labour) in Portugal, by using Quadros de Pessoal, a comprehensive employer-employee dataset from the Portuguese Ministry of Labor. Focusing on the period between 1995-2021, we observe a significant increase in the relative supply of skilled labour, together with a sharp drop in the skill premium. This drop contrasts with research done in the US and Sweden, which observe an increase in skill premium over time. To rationalize this, we study how well the KORV model, characterised by capital-skill complementarity, accounts for the Portuguese data. Preliminary results suggests that the elasticity of substitution between skilled labour and capital equipment is lower in the Portuguese case, whereas the elasticity of substitution between skilled and unskilled labour fits within the estimates from the literature.