Israel needs the best men it can get as senior officers. The job is highly demanding - no limit on the number of hours worked. I can be dangerous as well. Israel became a materialistic society, and we can't expect top notch people to dedicate their life to the army just for patriotism, without some compensation. As for the amount - 48K/month NIS translates to $150K annually, with the Israeli 50% taxes. $150K is a nice salary in the U.S, but nothing world shaking. Certainly a major general shoould be able to get such a salary, and will not have to go to the private market.
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IDF: Shots fired at troops operating near Gaza border, no injuries or damage sustained (Haaretz)
from the article: Revealed: The secret war over IDF officers' exorbitant salaries